RETIREMENT POLICY AND PROBLEM OF IMPLEMENTATION IN NIGERIA PUBLIC SECTOR

ABSTRACT
The study Retirement policy and the problem of implementation in Nigerian public sector was aimed at determining the effects of old pension schemes (pay-as-you-go-defined benefits) and they are corruption and inflation, weak institutional capacity and non-compliance of stakeholders which lead to non-implementation of the previous pension scheme, thereby growing rise to the contributory pension scheme, as a way of strengthening the powers of the operators of the scheme and promoting social investments in the national economy. The effective implementation of pension reform act (PRA) 2004 would avert the hardship of retirees of Enugu stage civil service after this retirement, thereby forcing them into productive venture after retirement.Finally, relevant legal framework should be put in place by the federal government to ensure political economy and necessary support for the scheme by subsequent government, and all hands should be on deck to ensure the success and sustainability of the pension reform act (PRA) 2004.

Statement of the Problem
The statement confronting this research is to appraise retirement policy and the problem of its implementation in Nigeria. Following the formulation of the 2004 pension act reform, there has been misconception of Nigerian retirement policy and its implementation. The research intends to investigate retirement policy with a view to determining the problems confronting its implementation.

1.3 Aim and Objectives of the Study
The aim of this study is to accessretirement policy and problem of implementation in Nigeria public sector.
The specific objectives are to:
i. Determine the nature of retirement policy in Nigeria.
ii. Determine the problems confronting nature of retirement policy implementation.
iii. Determine whether retirement policy reform is needed in Nigeria.

1.4 Research Questions
In view of the above, the following research questions are generated to guide this study.
i. is the nature of retirement policy in Nigeria effective and efficient?
ii. Is improper planning one of the problems that confronts retirement policy implementation?
iii. Is retirement policy reform needed in Nigeria?

1.5 Significance of the Study
The study shall provide a vivid understanding of current issues in Nigerian retirement policy and the study shall analyze the problems surrounding the implementation of Nigerian retirement policy with a view to better implement the content of the new retirement policy.